Senate minority leader Mitch McConnell has floated a proposal for a couple years now as a last-chance way to avert a crisis and allow the president to raise the debt ceiling without congressional approval, with Congress having the ability to strip that authority with a two-thirds veto – and that’s sort of what the bill to be voted on tonight provides for (see pages 24 ff. of the bill).Assuming it passes tonight, the debt ceiling will be suspended until February 7, meaning the treasury can borrow what it needs to fund obligations until then. Then within the next 14 days, the House and...
